The world is in desperate need of innovative startups. The problems that we are facing are too gargantuan for traditional and preexisting solutions.
Startups come up with fresh ideas to address the pain points faced by people, using groundbreaking methods or technologies. Current, the technologies that a lot of promising startups are working on include machine learning, data science, IoT and the topic of this article, blockchain.
If you don’t know anything about blockchain, read our in-depth article which explains a great detail. This article, however, is about startup ideas that can utilize the power of blockchain to build something truly extraordinary that can improve the lives of people across all walks of life.
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Loans are what the economy of most countries is built upon. However, getting a traditional loan from a bank is quite difficult for a lot of people.
To solve this problem, a lot of startups are working something is called cryptocurrency loans, or just crypto-loans for short. These loans are quite different from traditional loans in a multitude of ways.
Crypto-loans are not yet bound by many legal regulations which make them free from a lot of red-tape that is closely associated with traditional loans. People can easily take loans from lenders without any need to worry about political boundaries. Crypto-loans can be instantly issued and the money can be directly deposited into the borrower’s bank account.
These reasons have made the idea of crypto-loans very exciting and a lot of startups are already working on it but the demand is so high that if you offer a better experience than the existing portals, you can get a lot of success quickly.
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Blockchain Digital Identity
One of the biggest problems faced by a lot of people using the internet is the danger of identity theft. Anyone can easily get access to someone’s information and make a fake ID card.
Even government-issued IDs are not immune to being copied and replicated illegally.
One of the most things that excited tech enthusiasts when blockchain was first introduced was the potential this technology showed to create actually a secure, verifiable and theft-protected digital identity for everyone.
While there are already a few startups working on this idea, none have yet been able to make a huge impact as of yet. However, it would be unfair to dismiss the concept of blockchain-backed digital identities because as people become more and more aware and conscious about the importance of their digital identity, the more important startups working on developing this solution will start to become.
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Some tech experts predict that in the not too distant future blockchain-backed digital identity cards might also become accepted by the government as the primary identifying document for its citizens.
This clearly shows that working on this idea has a lot of promise in the future.
Smart Wills and Testaments
There are a lot of issues that can arise out of the last will and testament of anyone. These issues become exponentially more complicated if the person had a lot of assets and a big family among whom these assets have to be distributed. But if the will has not been clearly defined, then all hell can break loose.
Even if the person writes a solid will, there is a chance that the individual on whom the responsibility to execute the said will falls onto might have reasons to alter the will or not execute it the way it was intended to be.
This is a major problem faced by millions of people across the globe every year. A startup can use the power of blockchain and offer people a chance to write down their will in the form of a smart contract.
These smart contracts are immutable and are protected behind the shield of blockchain technology. No one can alter the will once it has been written unless the person who originally wrote it down.
A startup that creates, ‘Smart Wills” on-demand can have a lot of potential in an increasingly untrustworthy world.
There, you have it, these are three ideas that for anyone looking to do a startup that is going to be built around blockchain technology. While there are a lot more ways blockchain can be used to improve various sectors and make money, and it is already transforming Indian industries, any of these 3 ideas is a good option.
But remember, a startup is a lot more than just an idea and the technology behind it. Building a strong team, figuring out the right business model and delivering a good experience to your customers are which is actually going to turn your blockchain startup into a true success. For individuals who would like to master blockchain or business want to train their engineers, check out blockchain PG certificate from IIIT Bangalore.
Blockchain technology is still in its early days and the faster you join and build a good business around it, the more you will be able to potentially profit from it.
Which organizations in India are known to employ blockchain technology?
With the rapidly increasing popularity of blockchain technology, it is also experiencing wider acceptance across industries all over the world. In India, many of the top IT giants are also employing blockchain and betting big on it. The largest IT services provider of the subcontinent, Tata Consultancy Services, is one of the frontrunners when it comes to adopting blockchain technology. It has launched blockchain-based financial healthcare solutions, to name a few. Other IT biggies embracing blockchain include Wipro, HCL, and Infosys. Apart from these, blockchain is also being adopted by Tata Motors, Reliance Industries and Tata Steel, and many other companies.
Are blockchain and Bitcoin the same?
Blockchain is a technology that supports the secure storing of data across a decentralized network whereas Bitcoin is one of the most sought-after cryptocurrencies in the world. Blockchain is the distributed ledger system that forms the basis of transactions using Bitcoin. So blockchain is essentially the platform on which Bitcoin transactional data are stored. But Bitcoin is not the only cryptocurrency that relies on this technology; many other cryptocurrencies also have their own blockchain and distributed ledger frameworks. Derivatives from the original Bitcoin network, like Bitcoin Cash, Bitcoin Gold, and Bitcoin SV, also have their own architectures based on blockchain technology.
Is blockchain a linked list?
A blockchain comprises a finite and organized collection of blocks of transactional data. These blocks of data are back-linked and are based on the peer-to-peer approach. They are also known as digital ledgers. On the other hand, linked lists are basically linear data structures that consist of two parts – the first part stores data, and the second part contains the pointer to the next node. Blockchains are much more complex in architecture and structure compared to linked lists. While blockchains use hash functions to define the previous data block, linked lists use pointer functions to determine the previous node.